Latest News from Indian Startup Ecosystem [Funding, Technology, Launch, Collaboration]
Idea Cellular posts loss of Rs 385 crores in Q3
Idea cellular has been impacted adversely due to demonetization.The company has incurred a loss of Rs 385.6 crore in the 3rd quarter. Reliance Jio being the new entrant in the market has affected Ideas business unfavorably with its free offerings. Data subscribers were the strength behind Idea Cellular’s business but that has been eroded by free data service provided by Jio. There are speculations over the Idea-Vodafone merger.
Bharat Entrepreneurs Network(BEN) Launched For Indian Entrepreneurs
BEN an initiative to help unprivileged entrepreneurs has been launched by Atul Kumar. BEN aims to provide a backing to small businesses in rural villages of states like Tripura, Nagpur, Assam & Arunachal Pradesh. Mr. Kumar started that stated that no business is big or small the spirit of entrepreneurship is found in every businessman let it be Ola or a tea vendor and they work equally hard. He wishes to provide them support and guidance to conduct their business in a better way, in this manner he can rebuild the rural Bharat. BEN will be working hard to achieve their goal of making a billion entrepreneurs from Bharat in the coming years.
Online apparel brand Campus Sutra launches offline stores
Campus Sutra is a Bengaluru based apparel venture which was initially started by two sisters Khushboo and Sonal Later Dhiraj Agarwal, Khushboo’s husband and their brother Aditya quit their job to join the start-up. This brand is famous for apparels and accessories youngsters can identify with. The startup is planning to launch a couple of outlets in June or July near colleges to target the youth. Agarwal aims at generating revenues worth Rs 100 crores this year.
SnapDeal to fire 1000 employees to reduce loss
India’s leading e-Commerce Company Snapdeal is expected to lay off 1000 employees in the next 2 months as a measure taken towards cost cutting. The top authorities have notified the management to downsize the manpower in order to increase the profitability. The growth has not been increasing as per the expectations. It is getting difficult for the company to attract investors while the company has shortage of funds. Snapdeal is expected to lay off 1000 people who are directly employed with them along with 5000 contractually based staff.
SpaceX’s Falcon 9 rocket is about to launch from a pad used for the first Moon mission
SpaceX carried out all its Florida launches on Launch Complex 40 but on September 1 during a routine fueling procedure LC40 pad was badly damaged as one of the company’s Falcon 9 rockets exploded there. Until LC40 is repaired and can be used for normal operations SpaceX will be using 39A for its East Coast launches.39A is the same historic launch pad used by Saturn V rocket that first took people to moon in 1969. Cofounder and CEO Elon Musk shared a picture of LC39-A along with Falcon 9 on Instagram and said he was honored.
SBI merger delayed due to Demonetization
Last year after the government gave a green signal SBI announced its plans to merger its five subsidiary banks and Bharatiya Mahila Bank. But the merger plans have been delayed due to government imposing demonetization. The entire focus of the banks and the government was on demonetization. The merger was supposed to be completed in March 2017 however it is now slated to take place in the first half of the next financial year.
Book your ride with Uber using Paytm app
Paytm has added another feature in its application wherein you can call for a Uber cab. The cab-hailing services has made new tie-ups with Paytm.This new feature is specially beneficial for those who don’t have Uber app in their on it will direct users to the Uber app, with Paytm as a payment option. Users will be able to book the cab services instantly from their current location. This is a step towards cashless payments.
Expedia CEO condemns president’s policies
Expedia which is the world's largest online travel business filed a declaration with the Washington state law against the president similar on the lines with Amazon. Dara Khosrowshahi chief executive of Expedia Inc. on Sunday sent an email to all the employees of his venture criticizing Donald Trump’s policies and order banning people from seven Islam dominated countries from getting into US.
Government plans merger of commodity boards
Commerce Ministry plans to merger 5 board in order to unify their operations and boost exports. These five boards are accountable for growing, developing and export of spices and condiments, tea, coffee, rubber and tobacco. As per a senior office from commerce ministry India has a great potential for increasing its export business hence they are planning to get all the boards under one specialized body with different hierarchies. Notably, a few of those were set up way back in 1940.
Multi-service provider Jugnoo forays taxi business amidst Ola & Uber strike
Today being the third day of Ola & Uber driver's strike, Jugnoo an auto rickshaw on demand startup takes this opportunity to get into the taxi business. The corporate stated that this is an apt time for them to foray into this business as it will provide a source of income for the drivers on strike and will help resolve their incentive issues. Jugnoo has expanded their business to food & grocery delivery and were contemplating in getting into taxi business and were waiting for the right opportunity.
Housing sales fell 40% in Nov-Dec on demonetization
The announcement of demonetization by the government on the 8 Nov raised a lot of hopes of fall in prices in property market especially resale sector.Hence many customers delayed their plans of purchasing properties thinking that the prizes might drop in the real estate sector and will get a good deal. This has led into a decrease in the housing sell sector in the month of Nov-Dec 2016 by 40% & 49% respectively.
Google and LG debut Android Wear 2.0 with new watches
Android wear has got a complete makeover with Google launching a new version of its smartwatch along with two LG watches LG watch Style & LG watch Sport. As Google has released many versions of its software kit, wear 2.0’s sale has been good for months now. Android Wear 2.0 is very much similar to Samsung’s and Apple’s watch apps thus making it very much usable. Android Wear 2.0 will have its own apps collection, app menu making it more flexible.
Aspirify Energy Acquires G.E.T. Water Solutions
GET Water Solutions, a water-treatment-solutions firm aided by Clearwater Capital has been acquired by Pune-based waste management company Aspirify Energy. The deal was sealed at a cost of Rs 54-81 crore. GET water has been now fully owned by the Pune startup. Aspirify energy was launched basically to tap the business potential created by government’s Swachh Bharat programme. It also expand in the liquid waste management segment as Swachh Bharat and Clean Ganga missions.
Tesla CEO hints summer launch in India
Ishan Goel, a twitter user tweeted Elon Musk Co-Founder, Tesla when he plans to open a Tesla unit in India. Musk responded with a hint to launch in summer of 2017. His response has generated a lot of interest in car manufacturers and enthusiasts.